Diana’s acerbic research report, a copy of which was obtained by The Post, turns what’s typically a staid bean-counting report on a company’s earnings into a full-throttle beat-down screed chastising Farrell.

Some of the screed is written in the mocking voice of an Annaly executive.

“As usual, Michael Farrell, our chairman, ceo and Master of the Mortgage Market, will pontificate about anything and everything except what Annaly actually did during the quarter,” the report reads.

“Mr. Farrell will be glad to answer, at l-e-n-g-t-h,” any question unrelated to Annaly fundamentals, it continues.

In another section of the report, still written from an Annaly perspective, Diana writes, “Pandering is not only permitted but encouraged. In fact ‘questions’ that are not prefaced by ‘Mike, those were brilliant insights!’ or similar comments designed to place your firm on the cover of the next Annaly offering, will be frowned upon,” the researcher offers.

Cantor was not amused by the 65-year-old analyst’s prose — he was summarily dismissed for the negative tone of the report, according to one person familiar with the situation.

A Cantor spokesman declined to comment on “a personnel matter, including Mike Diana,” and an Annaly representative couldn’t be reached for comment.

Reached at his home in Midtown Manhattan, Diana, who had been employed at Cantor for around a year, declined to comment.